For much of the last two years, Nestlé has been overhauling its portfolio to capture growth in the food space and shed underperforming or slow-growing businesses. Last year, Nestlé sold its U.S. chocolate business, a deal that included more than 20 American candy brands like Butterfinger and Baby Ruth, to Ferrero for $2.8 billion.
Similar to its exit from candy where it competed with sweet giants Hershey and Mars Wrigley in the U.S., Nestlé’s biggest competitor in the ice cream space domestically is Unilever. The European company’s portfolio includes well-known brands such as Ben & Jerry’s, Talenti, Breyers, Klondike and Popsicle. GlobalData estimated Unilever has almost twice the global market share of its nearest competitor.